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Dallas, TX-based Builders FirstSource, Inc., supplier and manufacturer of structural and related building products for residential new construction in the U.S., reported sales for the second quarter ended June 30, 2009, were $175.5 million, down 37.8% from $282.3 million in the prior-year period. Sales volume dropped 33%. Builders FirstSource noted a gain from multifamily and light commercial sales.
The net loss for the quarter was $22.6 million.
The severity and prolonged nature of the housing downturn has forced substantial capacity reduction within our industry. Several of our largest competitors filed for bankruptcy protection during the quarter, and we were forced to make the tough decision to discontinue our Ohio operations," said CEO Floyd Sherman. "This decision was not ...
Alstom and Schneider Electric are considering making a joint bid for Areva Transmission and Distribution, recently put up for sale by its parent company.
Alstom and Schneider reported they would create a common structure" to bid for Areva, and if successful, would transfer the transmission activities to Alstom, and distribution activities to Schneider.
The high-voltage transmission part of Areva complements Alston's own activities in power generation, while the medium-voltage distribution unit is an area in which Schneider is active, and would like to reinforce, according to a press release.
Alstom is in power generation and rail infrastructure. The company provides turnkey integrated power plant solutions, equipment and associated services for a wide variety of energy sources, ...
The Black & Decker Corp., Towson, MD, reported sales fell 27% in the second quarter 2009 to $1.2 billion. Profit was $38.3 million, down from $96.7 million in the prior-year period. The company reported extremely weak" demand in its end-markets for the quarter.
Sales in the company's Power Tools and Accessories segment fell 21% in the second quarter. U.S. Industrial Products Group sales fell 30% due to declines in both the residential and non-residential areas.
Sales increased at a high single-digit rate in the U.S. Consumer Products Group, with strong shipments of lawn and garden products and the new Porter-Cable line outweighed decreases in other categories.
European sales decreased 30%, similar to the first-quarter trend, with a particularly sharp decline in Eastern Europe. ...
Electrical MRO and construction materials distributor WESCO International Inc., Pittsburgh, PA, reported sales for the second quarter 2009 were $1.2 billion, compared with $1.5 billion in the second quarter 2008, a decrease of 27%.
Profit for the second quarter was $26.4 million, about half that of the comparable quarter 2008.
"We are taking quick and decisive actions to manage the company through the global economic downturn," said John J. Engel, senior vice president and COO. "WESCO is currently facing weaker end market demand across most of our served markets. We continue to focus our energies on a series of sales and cost reduction programs and LEAN productivity initiatives to efficiently serve our customers and take market share in this challenging environment."
WESCO ...
Diversified manufacturer 3M, St. Paul, MN, reported second-quarter sales were $5.7 billion, a decline of 15.1% from the same period a year ago. Profit declined 17.1% to $783 million.
Local-currency sales including acquisitions decreased 9.4%, currency translation effects reduced sales by 5.5% and divestitures reduced sales by 0.2%.
Year-to-date, sales were $10.8 billion, down 18.1%. Profit decreased 32.7% to $1.3 billion.
Industrial and Transportation
Second-quarter sales for the Industrial and Transportation segment were $1.7 billion, down 15.3% year-on-year in local currency. Acquisitions contributed a 3.3% benefit; currency impacts reduced sales by 5.4%.
Sales improved by 9.2% when compared to first quarter of 2009.
Display and Graphics
Display and ...
Reliance Steel & Aluminum Co., Los Angeles, CA, reported its first quarterly net loss since becoming a public company in 1994. In the second quarter, Reliance had a net loss of $5.8 million, compared with profit of $156.6 million in the 2008 quarter, and $20.1 million for the first quarter of 2009.
Sales in the second quarter were $1.2 billion, down 41% from the prior-year period, and down 20% from the first quarter.
(The 2009 second quarter financial results include in cost of sales a pre-tax LIFO income amount of $75 million, compared with a pre-tax LIFO expense amount of $40 million for the 2008 second quarter, and $75 million of LIFO income for the 2009 first quarter.)
"The 2009 second quarter was the most difficult operating environment we have ever experienced at our ...
Watsco, Inc., Coconut Grove, FL, an independent distributor of air conditioning, heating and refrigeration products, reported sales for the second quarter 2009 were $405 million, down 21% from second quarter 2008. Profit declined 37.5% to $16.3 million.
For the first six months, sales were $696 million, a 22% decline over 2008. Profit decreased 55.2% to $15.1 million.
Lower demand due to economic conditions, new housing declines and a late start to the cooling season offset gains from a richer mix of high-efficiency air conditioning systems.
"We are pleased to see the continued trend toward high-efficiency and environmentally-friendly air conditioning systems, especially in this current economic backdrop," said Albert H. Nahmad, president and CEO. "We experienced higher unit ...
Manufacturer Cooper Industries, Houston, TX, reported second quarter 2009 sales were down 26% to $1.27 billion, compared with $1.72 billion in the prior-year period. Profit was $89.3 million, down from $161.9 million reported in the 2008 second quarter.
In the first six months of 2009, sales were $2.53 billion, a 23% decrease from the prior-year period. Profit was $189.4 million, down from $315.3 million in the prior-year first six months.
"In the second quarter, while our book-to-bill ratio stabilized, we did not experience the normal seasonal increase in revenues. As a result, our revenue for the quarter was at the low end of our forecast; however, our intense cost management across the company allowed us to deliver earnings per share at the top end of the forecast," said Cooper ...
Myers Industries, Inc., Akron, OH, reported sales for the second quarter were $173.2 million, a decrease if 19% from second quarter 2008. The company recorded a loss of $1.4 million for the period, compared to profit of $2.9 million the prior year.
Weak end markets and demand continued to result in volume declines across segments. Customers maintained cautious spending - further reducing inventory levels, purchasing on an as-needed basis, deferring major capital investments and conserving cash. In the Distribution segment, sales of supplies and equipment remained weak due to continued slow demand for both tire and vehicle service.
For the six-months ended June 30, 2009, sales were $363.3 million, down 21.7% from the same period a year ago. Profit decreased 72% to $3.7 ...
Columbus McKinnon Corp., Amherst, NY, reported sales for the first quarter ended June 30, 2009, were $119.0 million, down 21.3% from the prior-year same period. The manufacturer of material handling products recorded a loss of $2.4 million for the period, compared to profit of $9.7 million the prior year.
Restructuring charges of $5.8 million, associated with a broad reorganization combined with the consolidation of the North American hoist and rigging sales and marketing functions, were recorded during the first quarter of fiscal 2010.
"As expected, our first quarter sales reflect the full impact of the decline in industrial activity around the world," said Timothy T. Tevens, president and CEO. "We are reducing our manufacturing footprint, improving efficiencies and implementing a ...
